How to list the house for renting

6 Replies

Dear,

I will be closing my first property in Rockwall, TX on the Sunday after Thanksgiving and want to rent it our. My agent told me that the fee is 1 month of the rent which is around $1900, and the benefits are that it will be listed on MLS, right price, will be able to run the credit of the applicants, and find out their history with their previous renting, have documents for the tenant to sign. Is it actually the advantage? I think it is too much money for me. My only problem is that I live in CA, so I can take th applicants to see the house. However, I have my best friend who live around 30' away and is willing to take the appliant to see the house, but he does not have any experience on this. I don't know what I should do. If I choose my friend, I cannot have a chance to,list on MLS which will limit the people to see my property, and I don't know which document should I have them to sign, how to get the right renting rate.

And also, my agent told me about the "fixing-home insurance" which I would pay around $550/year. They will come to fix everything and I only pay $65 deductible every time they come, and they will take care everything. My house is 15 years old with new roof. Do you think this is a good deal than having a handy man?

Please advise me with my 2 problems. I appreciate that.

Thank you.

I only have one property and have exclusively rented it out to one family, so my "vetting" of tenants isn't as experienced as many on here I would imagine. But there is something to be said for looking at the prospective tenant in the eyes when they answer some of your questions and you show them around.

Personally, I was attracted to rent my property to people who were pleased with the place but also took in the details. Personally I want a tenant that will let me know if there's any issue. That way my place doesn't get run down. If there's an issue I resolve it immediately.

A tenant - landlord agreement is a business relationship, both parties should be pleased. If you can't meet with your prospective tenants to show them the place, perhaps a management company may be more suitable to your needs. There's many out there that work for around 10% of the monthly rent. They will find and fill the place with tenants, collect rent etc. etc. That may be a better route than listing on MLS with your realtor.

Non-local investors need a property manager. Especially if new. Shop around if you don’t like the rate or terms your realtor offers. There must be plenty of companies that specialize in property management and that is all they do.
I believe anyone acting on the behalf of the owner must be licensed in Texas, so check into how much your friend can do...maybe unlock the door and lock back up. Possibly put a stack of flyers and applications on the countertop. Pretty sure he can’t “represent” you.

I think it’s standard for property managers to take the first month’s rent and 10% thereafter.

As for your second question, you are talking about home warranties. We have one on our primary residence and it has been useful, but I have heard people say that with rental properties they can be a problem because service people sometimes take a long time to respond, get to the house, etc. Also property managers don’t like home warranty companies because they typically use their own people. Since the warranties also cost $500-$700 per year, they can also cut into your rental profits.

I️ have a rental in Rockwall. You won’t have any problem renting in that area. Just check Realtor.com or Craigslist to get an idea of rental rates. As far as showing the place, I️ just leave a lockbox and give the code after I️ get a picture of there Drivers License via text. I️ also live within 30 minutes. Just another opinion, everyone else gave sound advice before me.

Originally posted by @Francis Dinh :

Dear,

I will be closing my first property in Rockwall, TX on the Sunday after Thanksgiving and want to rent it our. My agent told me that the fee is 1 month of the rent which is around $1900, and the benefits are that it will be listed on MLS, right price, will be able to run the credit of the applicants, and find out their history with their previous renting, have documents for the tenant to sign. Is it actually the advantage? I think it is too much money for me. My only problem is that I live in CA, so I can take th applicants to see the house. However, I have my best friend who live around 30' away and is willing to take the appliant to see the house, but he does not have any experience on this. I don't know what I should do. If I choose my friend, I cannot have a chance to,list on MLS which will limit the people to see my property, and I don't know which document should I have them to sign, how to get the right renting rate.

And also, my agent told me about the "fixing-home insurance" which I would pay around $550/year. They will come to fix everything and I only pay $65 deductible every time they come, and they will take care everything. My house is 15 years old with new roof. Do you think this is a good deal than having a handy man?

Please advise me with my 2 problems. I appreciate that.

Thank you.

 You will want to hire a PM. Not having a professional show your property when you are out of the state is Penny Wise & Pound Foolish.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

You are new and distant landlord, you should have a local professional agent to work for you, unless you have knowledge and can direct your friend to do the job well. My main concern for you is to find a good agent in the area to take care your property. Good luck!

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